New: Manually deposit money into your bank account

[#1]

This post was updated by a moderator in 2020 to reflect a name change (deposits are now called transfers) - also updated in 2020 to reflect price change.

This post was updated by a moderator in 2022 to reflect changes in the steps required to initiate a transfer.

Hi Seller Community,

We’re excited to introduce another option for transferring your money from Square to your bank account: manual transfers. This means your money will be available in your Square balance instead of automatically being transferred to your bank account on a nightly basis. When you decide to manually transfer your money, it’ll arrive in your bank account the next business day—at no extra cost. You are able to pause automatic nightly transfers and change to manual transfers, directly from your online Square Dashboard, or from the Square app.

How to activate manual transfers:

1. Go to Settings in your Dashboard or Square Point of Sale app.
2. Select Balance. 

3. Under Transfer Schedule > select Manual.

To initiate a manual transfer from the Square app:

1. Open your Square app on a mobile device or iPad and select More > Balance.

2. Tap Transfer out.

To initiate a manual transfer from your online Square Dashboard:

1. Log in to your online Square Dashboard and go to the Balance tab.

2. Select one of your locations under the Locations section.

3. Click Transfer out.

Note: this feature is not available if you are using Same-Day Transfer. 

Here’s how it looks in the app:

Once you’ve activated manual transfers, here are your options for transferring money:

• Standard transfer: Arrives the next business day for no additional fee.
• Instant transfer: Arrives instantly for an additional 1.5% fee.
• Free business debit card: Make a sale and use your card to spend your money right away. Learn more about Square Card. 

Learn more about your transfer options. 

[Nubia]

Ok

[huh28]

does this option allow me to have exact transfer amounts for the daily amount transferred?  Or will it be still split up however square feels best for them?  

[JustinC]

Hey @huh28 - Nice to see a new face in the Community!

We offer a bucket of transfer options to choose from that tailors to your specific business needs - including our standard but next biz day schedule, our speedy Instant and Same-Day transfer option, and the Square Card - a business debit card connected to your Square balance which can be used at any retailer that accepts MasterCard.

The Manual Transfers feature is no exception - this indeed gives you flexibility to transfer exact daily amounts making it easier to correlate sales with your transfers. Learn more about this along with other transfer methods Square offers in the Support Center. 

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]

[Granapple]

I am looking to manually transfer or auto only 90% of my daily sales and save the 10% for the square card. How do I set this up?

[nika]

Hi @Granapple! Thanks for your question!

This is currently a feature request. But you can initiate a transfer of funds out of your Square balance to your linked bank account whenever you want.

1. Open your Square app and tap Transfer to Bank.
2. Enter the amount you’d like to transfer.
3. Choose a transfer speed. You can use Next Business Day Transfer (which is free) or Instant Transfer (there's a 1.5% fee).
4. Tap Transfer... Confirm Transfer.

Happy selling!

This post was updated by moderator in 2020 to reflect a name change (deposits are now called transfers) - also updated in 2020 to reflect price change.

[anthamm93]

Do you know why mine wouldn't show the transfer schedule option? all it shows is instant transfer and to change the card? However i'm trying to change the transfer day.

[Valentina]

Hey there @anthamm93! If you're only seeing the option to instantly transfer funds to your bank or change the debit card linked for an instant transfer, you have an active Square Card.

When you activate your card, automated transfers to a linked bank account stop as your funds are instead always available for use on your active Square Card. You're still able to use the next day and instant transfer options. To revert back to regular next business day transfers to your bank account, follow these steps to deactivate your Square Card. Please reach out if there's any confusion!

[Favteacher]

Is there a way to place the funds for services on hold? Can I automatically charge customer after service is rendered?

[kellyj]

@Favteacher 

This thread will give you the steps to do what you are looking to do. Hold transfers manually if you wish.

You will need to check out your customers though when you are done with a service in the appointment.

[Coach800plus]

I have two separate accounts that primarily do online sales. Both have the balance transfers set to manual. However, one acts like it is set to automatic still and I keep getting the daily balance transferred to my bank account which I do not want.

[AdamB]

Welcome to Seller Community, @Coach800plus! That's pretty strange if you have it set to manual. Can you try toggling it to automatic, then toggling it back to manual again?

[Titne]

Is it possible to set up weekly automatic transfers rather than daily or manual? I do not want to have to go in every week to trigger a transfer, but I do not want daily payouts.

[Joe]

Hi there, @Titne - good question! Currently, Square does not offer a way to opt into weekly batch transfers, but we are tracking it as a Feature Request. I am happy to add your voice to those asking for this feature.

Should anything come down the pipeline in regards to launch, we will be sure to let you know!

[Mexitrachos]

Can manual balance transfers from multiple locations be done as a single transaction? 

I am hoping for something like "transfer all locations".  Otherwise, at a minimum, I'm hoping that any location balances that I manually transfer will show up to my bank account as if it is a single transaction - i.e. our business account has a limited number of electronic transactions per month.  

As a food truck, we are testing using a different LOCATION for each day of the week since we park at a different geographic location.  But, I didn't realize that the balances are also divided up in Square per LOCATION.  If we now end up with 7 transactions per month, we may be over the limit...etc.

Thanks for any additional insight on how Square handles manual transfers from multiple locations under a single account.

[AshleyK]

Hi! This is currently a feature request. Any deposits you send from each location will have their own line item in your bank account and cannot be merged. But, you can send them to the same bank account! 

I can bubble the feedback up to the development team in the meantime. 🙂

[craftnotes]

Your interface is the WORST.

Ok, great, I set this up. Now HOW DO I MANUALLY TRANSFER??? Ie. I go to this page and transfer my money by clicking__???

[Arie]

Hi @craftnotes,

Thanks for writing in and sorry to hear about the frustrating experience! Once you've changed your transfer settings to manual, you can initiate a transfer from the Balance Overview tab on your dashboard, or in-app by tapping on More > Balance. I hope this helps 🙂

[Mikki2]

Hello, I want to do the free manual transfer (mentioned in the article I signed up for above).  This is a reason I signed up for Square to keep it simple. I don't want a Square card etc.  When I set up my Square account I set it to NOT auto transfer--now I'm having difficulty getting any of my funds out.  Please advise/help!

I signed up with Square for this reason and because fees seemed reasonable.  I use my account as a Escrow account and periodically want to make transfers out.  I'm not seeing any option to do that now that I'm trying to make a transfer.

For example, I tried these instructions:    https://squareup.com/help/us/en/article/3807-deposit-options-with-square?utm_medium=web&utm_source=d...

There was no balance option.

[Arie]

Sorry to hear about the trouble with transfers, @Mikki2! Please let us know which options do come up for you at the moment. If you've got trouble bringing these up in the Transfers section of your dashboard, it may also be worth reaching out to support for a hand. Get in touch here when you have a moment. 

PS. I noticed it's your first post, welcome to our community 👋 🙂here

[_Violet]

Hi @ECSailing - I'm sorry to hear that this issue has brought you to the Seller Community! 😥

This does sound off, but it's difficult to pinpoint what may be happening without looking at your account with you, which we aren't able to do via the Seller Community. For this type of issue, I suggest that you get in touch with our Support Team. If you haven't already, please reach out to Support directly by logging into your Square account and heading here.